Upgrades, Downgrades and Target Changes - Jul 17 2012

Company	Rating/Target Change
Advantage Oil	CIBC cuts price target to C$4 from C$4.25;rating sector performer
AG Growth	National Bank Financial cuts price target to C$32.50 from C$37.50
Alacer Gold Corp	RBC cuts price target to C$12 from C$13; rating outperform
Alacer Gold Corp	Raymond James cuts price target to C$8 from C$10
Anderson Energy	CIBC cuts to sector underperformer from sector performer
Angle Energy	CIBC cuts price target to C$6 from C$8; rating sector outperformer
ARC Resources	CIBC cuts target to C$23.50 from C$25.50; rating sector performer
Arcan Resources	CIBC cuts price target to C$2.75 from C$4.75
Athabasca Oil	CIBC cuts price target to C$17 from C$19;rating sector outperformer
Baytex Energy	CIBC cuts price target to C$46 from C$62
Bellatrix	CIBC cuts price target to C$5.50 from C$6.75;rating sector outperformer
Birchcliff	CIBC cuts price target to C$8 from C$8.25; rating sector performer
Blackpearl Resources Inc	RBC raises to outperform from sector perform
Bonavista	CIBC cuts price target to C$22 from C$27; rating sector outperformer
Bonterra Energy	CIBC cuts to sector performer from sector outperformer ;CIBC cuts price target to C$49 from C$59
C&C Energia	CIBC cuts price target to C$10 from C$11.50
Canadian Natural	CIBC cuts target to C$34 from C$43; rating sector outperformer
Canadian Oil	CIBC cuts target to C$18 from C$24; rating sector underperformer
Celtic	CIBC cuts price target to C$20.50 from C$21.50;rating sector outperformer
Cenovus	CIBC cuts price target to C$41 from C$44; rating sector outperformer
Coastal Energy	CIBC cuts target to C$21.50 from C$23; rating sector outperformer
Cott Corp	Barclays raises price target to $9 from $7; rating equal weight
Crescent Point	CIBC cuts target to C$50 from C$60; rating sector outperformer
Crew Energy	CIBC cuts target to C$9.50 from C$12.50; rating sector outperformer
Eagle Energy	CIBC cuts target to C$12 from C$14.75; rating sector outperformer
Enbridge	Barclays raises price target to C$45 from C$41
Encana Corp	CIBC cuts price target to $23 from $24; rating sector performer
Endeavour	CIBC cuts price target to C$12 from C$13; rating sector performer
Enerplus	CIBC cuts target to C$13.50 from C$16.50; rating sector underperformer
Fairborne	CIBC cuts price target to C$2.25 from C$3.25; rating sector performer
Gran Tierra	CIBC cuts target to C$6.50 from C$7.25; rating sector outperformer
IGM Financial	RBC cuts price target to C$47 from C$48, rating sector perform
Imperial Oil	CIBC cuts target to C$44 from C$47; rating sector underperformer
Legacy Oil	CIBC cuts target to C$9.25 from C$14.50; rating sector outperformer
Longview Oil	CIBC cuts price target to C$9 from C$11.50; rating sector performer
Meg Energy	CIBC cuts price target to C$47 from C$55; rating sector outperformer
Meg Energy Corp	UBS raises price target to C$62 from C$60; rating buy
Nexen	CIBC cuts price target to C$21 from C$25; rating sector outperformer
Nuvista	CIBC cuts price target to C$5.25 from C$6; rating sector outperformer
Pacific Rubiales	CIBC cuts target to C$30 from C$35; rating sector outperformer
Painted Pony	CIBC cuts price target to C$12 from C$13; rating sector outperformer
Parallel	CIBC cuts target to C$6.25 from C$8.50; rating sector outperformer
Paramount	CIBC cuts price target to C$29 from C$31.50; rating sector performer
Pengrowth	CIBC cuts price target to C$7 from C$10; rating sector performer
Penn West	CIBC cuts price target to C$19 from C$27; rating sector outperformer
Petrobakken	CIBC cuts price target to C$18 from C$23; rating sector outperformer
Petrobank	CIBC cuts target to C$19.50 from C$23; rating sector outperformer
Petrominerales	CIBC cuts target to C$19.50 from C$21.75;rating sector performer
Pinecrest Energy	CIBC cuts price target to C$2.75 from C$3.50
Raging River	CIBC cuts price target to C$2.50 from C$3;rating sector outperformer
Rockwell Diamonds	Northland Capital cuts target to C$61 from C$76; rating buy
Suncor Energy	CIBC cuts price target to C$42 from C$43;rating sector outperformer
Surge Energy	CIBC cuts target to C$11.50 from C$13.50;rating sector outperformer
Teck Resources	Dahlman Rose cuts price target to $43 from $52; rating buy
Trilogy Energy	CIBC cuts target to C$34 from C$36; rating sector outperformer
Vermilion Energy	CIBC cuts price target to C$48 from C$54; rating sector performer
Vero Energy	CIBC cuts price target to C$2.50 from C$3.25; rating sector performer
WestFire	CIBC cuts price target to C$5 from C$6.75; rating sector performer
Whitecap	CIBC cuts price target to C$10 from C$11.50; rating sector outperformer
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